Deciding Between New Construction or an Existing Home

Factors to consider are costs, conveniences, extras, neighborhood and resale value when deciding on a new or existing home. Here are some pros and cons.

Existing Home Pros - You may get a higher quality workmanship for your money with a home that was built when labor and materials were not as costly. Appliances and window treatments are usually included. Updated kitchens and bathrooms may feature unusual and valuable extras. It can have mature trees and landscaping. It can often have unique architectural elements. Usually located in established neighborhoods.

Existing Home Cons - Usually cost more to heat and cool. The past renovations may not be up to current building codes. Building materials may be harder to match or replace. May need to be updated or repaired.

Newly Constructed Home Pros - Less to maintain than an older home. You may be able to upgrade and customized certain aspects of the home. Up-to-date safety codes. Efficient use of space. Modern amenities. The home should have a more energy efficient design, as well as materials. Up to date wiring for today's technology and security. You may have more input in flooring and finish selections. They should have more recreational facilities. Construction and appliance warranties often still apply.

 Newly Constructed Home Cons - Construction delays are a possibility. New homes cost more than existing homes. Resale may be difficult until construction is completed in the entire subdivision. Trucks, dirt, mud, and noise may be a problem. You may be charged higher taxes. Landscaping could be costly. Unwanted developments may continue to be built. New homes are often more out of the way from town and can mean a longer commute. Additional costs such as possible mandatory fees for associations and other assessments.

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